GOGL – First Quarter 2025 Results

Core Viewpoint - Golden Ocean Group Limited reported a significant decline in financial performance for the first quarter of 2025, attributed to a weaker market environment, lower charter rates, and increased drydocking expenses, while maintaining a positive medium-term outlook for the dry bulk shipping industry, particularly in the Capesize segment [3][5]. Financial Performance - The company recorded a net loss of $44.1 million and a loss per share of $0.22 for Q1 2025, compared to a net income of $39.0 million and earnings per share of $0.20 in Q4 2024 [5]. - Adjusted EBITDA for Q1 2025 was $12.7 million, down from $69.9 million in Q4 2024 [5]. - The adjusted net loss for Q1 2025 was $37.5 million, compared to an adjusted net income of $12.7 million in Q4 2024 [5]. - Drydocking expenses totaled $38.4 million in Q1 2025, an increase from $34.3 million in Q4 2024 [5]. Market Conditions - Reported TCE rates for Newcastlemax/Capesize and Kamsarmax/Panamax vessels were $16,827 per day and $10,424 per day, respectively, with an overall fleet TCE rate of $14,409 per day for Q1 2025 [5]. - Estimated TCE rates for Q2 2025 are approximately $19,000 per day for 69% of Newcastlemax/Capesize available days and $11,100 per day for 81% of Kamsarmax/Panamax available days [5]. - For Q3 2025, estimated TCE rates are projected at $20,900 per day for 12% of Newcastlemax/Capesize available days and $12,900 per day for 38% of Kamsarmax/Panamax available days [5]. Strategic Developments - The company is pursuing a stock-for-stock merger with CMB.TECH NV, with a term sheet already entered [5]. - Agreements were made in March and April 2025 to sell two Kamsarmax vessels for net considerations of $15.8 million and $16.8 million, respectively [5]. - A cash dividend of $0.05 per share for Q1 2025 has been announced, payable on or about June 17, 2025, to shareholders of record on June 5, 2025 [5].